Fashion with a difference: tackling South Africa’s low savings rates

Sanlam launched the Mna Nam campaign in support of National Savings
Month – South Africa’s annual national savings awareness campaign held in July.

National Savings Months aims to create awareness among South Africans of the bene ts of short, medium and long-term nancial planning, as well as get them into the habit of saving. Considering South Africa’s low savings culture, this is a powerful opportunity to reach consumers and contribute to their nancial resilience through savings initiatives on a national level.

The Mna Nam meets this objective. It is a limited edition bracelet with an embedded QR code that links to a savings wallet on the wearer’s mobile phone. Designed in collaboration with one of South Africa’s top local fashion designers, Laduma Ngxokolo, this wearable technology, or “functional fashion”, enables users to scan and save instantly.

The Mna Nam campaign is the rst of its kind globally and aims to create a compelling and fashionable solution that contributes towards improving South Africa’s poor savings culture. Fashion, in particular, is seen as an aspirational and high-interest area. The Mna Nam campaign pro led in uential and well-known South African personalities talking about the need to save.
The campaign therefore aimed to subvert the fashion space from one of excess to one of frugality.

The use of wearable technology further supports a shift in consumer behaviour – the easier the solution, the more likely that consumers will use it. In this way, the Mna Nam was an action-driven, forward-thinking campaign that equipped people with the tools to save for a better tomorrow.

In addition to the Mna Nam campaign, Sanlam has had widespread success with its previous National Savings Month social experiments. This includes the One Rand Man, One Rand Family and Conspicuous Savers.